Why it’s important to get list price right
The price is the single most important item buyers look at, so best to get it right.
SETTING a price for your property can be a tricky exercise and it is recommended that you listen carefully to your agent, who should be able to support their recommended price with facts.
When a property is listed for sale your agent should present examples of recent similar sales to help narrow down the price range.
The more accurate the price the better your chances for a timely sale. The last thing you want is your property languishing on the market for months, growing ever more stale by the day.
An REIQ-accredited agent will present you with a comparative market analysis (CMA) which will inform you and help you both to come up with a competitive listing price together. Real estate is not an exact science and no one really knows how much the property is going to sell for, but an experienced agent can tell you when the price is not even in the ballpark.
Many first-time sellers fall into the trap of increasing the price above recommended levels, arguing that they can always reduce the price later.
That is a fair argument, but if you go too far above the acceptable range buyers will reject your home and look for better perceived value elsewhere.
Sellers sometimes say to me they have been on the market for six months and have had little or no interest from buyers. Many of us in the business would respond, "You may be on the market, but you are not in the market."
A well-priced property that is marketed properly, even in a tough market like Townsville, should sell in 30 to 60 days.
Sellers tell me "I’m not going to give the home away". For the record, in 38 years I have never known an agent to give a home away.
Work with your agent. When they come to you (as they should on a very regular basis) to talk about price reduction it is wise to take their advice and adjust your sale price to avoid your property "dying on the vine" so to speak.
Good agents tell you the truth and back support their recommendations with solid evidence.